The deadline for your tax return has been and gone, but it has suddenly come to your attention that you have filed your return with an unintentional error or omission.
Before you start to stress out about the mistake and the possible consequences of submitting incorrect information to the Canada Revenue Agency (CRA), we have some good news – you can make the necessary adjustments.
When it is time for you to retire, there are a number of retirement tools you can draw from when you reach retirement age – Employer-Sponsored Pension Plans, Registered Retirement Savings Plans, Registered Retirement Income Funds and the Canada Pension Plan – but, whether you receive these and the amount you receive, is based on contributions made to these accounts.
Like a sole proprietorship, partnerships are not seen as a separate entity and therefore do not file a separate tax return. Instead, the partners include their share of the partnership income/losses for the year on their personal, corporate or trust income tax returns.
Each partner also has to file financial statements or a Statement of Activities (i.e. Form T2125 - Statement of Business or Professional Activities).
Along with the personal tax measures discussed in our previous two blogs - 2019 Federal Budget Commentary: Tax Changes for the Individual Canadian and 2019 Federal Budget Commentary: Personal Income Tax – Housing - the federal government is proposing a number of benefits, credits and provisions that will assist working individuals, especially those seeking to enhance their skills through training.
As is the case with most Federal Budgets, proposals have been made regarding sales and excise tax with a focus on health measures - as well as cannabis in light of new products being introduced to the Canadian market.
Buying your first home is a big step and an expensive one. Luckily, the 2019 Federal Budget proposes a series of tax changes that could help first-time home buyers bear that financial burden more manageably.
The main changes include increases to the RRSP Home Buyer’s Plan withdrawal limits for first-time home buyers and access to a First-Time Home Buyer Incentive.
The 2019 Federal Budget proposes a number of changes that will affect individual Canadians, and their tax strategies for the year ahead.
The 2019 budget proposes a number of changes that will focus on providing relief to businesses in specific industries including journalism, research and development, film and video production, farming and fishing businesses, as well as new Capital Cost Allowance rules for businesses using zero-emission vehicles.
In addition, the government proposes rules to prevent businesses from circumventing current character conversion transaction rules to gain a tax advantage.
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